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Why don't you just not plug the fan in, then it will be completely silent? If it is not running at full speed, then it is not cooling the system down, so then you need more fans which cast extra money and draw more power from your power supply so then you need another power supply and........LOL

You can run the fan at 5 volts, or 7 volts (and also 12 volts, duh!) For 5 volts, just connect the red wire from the fan to the red wire on the power supply connector, and leave the black wire connected to the black wire. For 12 volts, connect the black wire from the fan to the red wire on the power supply connector, and leave the red wire from the fan connected to the yellow wire on the supply connector.
I hope this makes sense?

Umm.. For 12 volts, wouldn't you just need to hook up the red (fan) wire to the yellow (p/s) cable? If not, what do you get if you hook it up that way? That's how I got my peltiers plugged in, and I'm pretty damned impressed with their capabilities now... If I plugged the black wires into the +5V lead from the power supply, would that up the voltage, or just fry the peltiers?

I am with racas. The yellow wire from p/s is 12, the red is 5, and to get 7v, hook up the fan's red wire to the p/s yellow wire, and the fan's black wire to the p/s red wire. I think Kevin930 mean to get 7 v, you do ... (when he said 12).
BTW, racas, which peltier are you using, how many watts is it, which processor are you using, when speed and what you o/c it to @ what voltage, and what kind of temps are you getting? I am just starting out to explore peltiers and I am trying to get all the info I can get. Thanks.